Vascular Pharma completes $16M equity financing, signs agreement with Janssen

Thursday, September 13, 2012 08:00 AM

Vascular Pharmaceuticals, a drug discovery company developing a product to treat patients with complications arising from diabetes, has successfully completed a $16 million Series A equity financing.

The Series A financing was co-led by Intersouth Partners and MPM Capital and is the company's first institutional round of funding. Vascular Pharma will use the $16 million to continue development of VPI-2690B, a pre-clinical candidate for the treatment of diabetic nephropathy.

In addition to the Series A financing, Vascular Pharma has entered into an agreement with Janssen Biotech, which grants the latter the exclusive right, at its own discretion, to acquire Vascular Pharma following the completion of a planned phase II clinical study of VPI-2690B upon pre-negotiated terms and conditions set forth in the agreement. Janssen will provide Vascular Pharma with an initial upfront payment and certain contingent milestone payments in return for its rights under the agreement.

Vascular Pharma's development efforts are focused on its preclinical candidate, VPI-2690B, which targets a pathway that is stimulated by hyperglycemia. In multiple animal studies, VPI-2690B has been shown to slow the development of diabetic complications including nephropathy, accelerated atherosclerosis and retinopathy.

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

September 29

WCG sees ePharmaSolutions’ clinical trial portal as the next step in the data evolution, company mission

Cutting-edge advertising can ‘break through the clutter’ for successful patient recruitment

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

September

Today's fastest, most economical sponsors
Standout sponsors reveal how they shorten regulatory, clinical cycle times

From the trenches: Sites' eye view of state of the industry
CW’s first site focus groups uncover frustration with 'progress,' but a passion for their mission

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

August

Reality of costs and impact rain on Sunshine Act
Concerns mount over compliance burden on CROs, sponsors, unanticipated consequences for research

Cloud computing expanding into all areas of clinical trial conduct
Benefits outweigh the complexities, challenges of finding right vendors

Already a subscriber?
Log in to your digital subscription.

Purchase the August issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs